Home Forex Service Review ForexMonster EUR/USD EA Review

ForexMonster EUR/USD EA Review

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ForexMonster Eurusd H1 is located under the Experts category of the MQL5 marketplace, it was created by Raphael Schwietering and was first uploaded to the marketplace on the 22nd of March 2020, there have been no updates so far, so the software is still at version 1.0.

Overview

ForexMonster Eurusd H1 is an expert advisor that was designed to be used with the MetaTrader 4 trading platform, there is not actually a lot of information about the EA which is a shame, the only information readily available is the fact that it is a fully automated trading system that does not use a grid, martingale, arbitrage, or tick scalping as its methods. We do not actually know what the methods are.

There are some additional features that come with the ForexMonster Eurusd H1 EA, these include working with 4 or 5 digit brokers, 5 types of money management including fixed lots and percentages, adjustable trading times, it has a spread filter, an equity stop functions, offers drawdown protection, takes profit bracket functions, to stop trading once take profit or stop loss target is reached, fast buttons for order types, an information panel, and an advanced algorithm for entering the exiting the markets.

There are also some parameters and settings that come with the EA which allows you to alter its functions. Some of these inputs include showing the information panel, magic numbers, lot sizes, risk management settings, take profit and stop loss goals, maximum spreads, slippage, minimum equity, and many more. Considering we do not know what the trading strategy used by the EA is, adjusting these settings is a little bit like getting dressed in the dark, you won’t know what it will come out doing.

Service Cost

The ForexMonster Eurusd H1 EA can be purchased with a single payment of $349, this will get you up to 50 activations of the EA with no other limitations, there is also the option to ren the EA. This can be done on a yearly basis and will cost you $199 per year, slightly less than this developer’s other EAs on the marketplace. A free demo version is also available, this can be used with the strategy tester within the MetaTrader 4 trading platform.

Conclusion

It is hard for us to get the full picture of this EA because unfortunately, there are currently no user reviews or ratings so we do not know whether people are finding the EA profitable or whether it is doing what it is intended to do, there are also no comments from users so we do not know if the developer is offering support, due to this we would suggest contacting them, just to make sure they will be there should you decide to get the EA and then need some support.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/47528

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